Personal loans in Canada
Personal loans you pay back over time.
Personal loans spread a bigger cost into fixed monthly payments, so it fits your budget.
At a glance
Amount
Set by the lender
Term
Months, not weeks
Payments
Fixed, on a set schedule
Highest legal rate
35% APR
The 35% APR limit is the federal criminal interest rate, in force since January 1, 2025.
What is a personal loan?
Fixed payments over a set number of months.
With a personal instalment loan you get a lump sum, then repay it in equal payments over a set number of months. Each payment covers part of the amount you borrowed plus interest.
People use personal loans for car repairs, moving costs, dental bills or to combine several smaller debts into one payment.
Only need a small amount until payday? A payday loan may be simpler. Worried about your score? See bad credit loans.
Estimate your payments
Find a payment that fits.
The cost of an instalment loan is shown as an annual percentage rate (APR). In Canada, lenders cannot charge more than 35% APR, including most fees.
Use the sliders to see how the amount, term and rate change your monthly payment.
A longer term lowers each payment but usually raises the total interest you pay.
An estimate only, for fixed monthly payments. Your rate and any fees are set by the lender and shown in your loan agreement.
How it works
Apply in three steps.
You apply online from your phone or computer, with nothing to print and no branch to visit.
1
Fill in one short form
Tell us how much you need, plus a few details about you and your income.
2
We look for a lender
Your request goes to lenders in our network who may be able to help.
3
Review your offer
If a lender makes an offer, read the terms and decide. You never have to accept.
Is it right for you?
When a personal loan makes sense.
A good fit if
- The expense is too big to repay in one payday
- You want the same payment every month
- You want to replace several debts with one payment
- The monthly payment fits your budget
Think twice if
- You only need a small amount for a few days
- The payment would leave you short each month
- You plan to keep borrowing on top of it
- You have not compared the total cost
Who can apply
What you need to apply.
Most lenders in our network ask for the basics below. A lender may ask for more before making an offer.
- You are at least the age of majority in your province (18 or 19)
- You live in Canada
- You have a regular source of income
- You have an active Canadian bank account
- You have a valid email address and phone number
FAQ
Personal loans: your questions.
Our FAQ page covers costs, credit checks and how lenders decide.
How much can I borrow with a personal loan?
It depends on the lender, your income and your credit history. Personal loans usually start at a few hundred dollars and can go much higher than a payday loan.
What is the highest interest rate a lender can charge?
35% APR. That is the federal criminal interest rate since January 1, 2025, and it includes most fees. Many lenders charge less.
How long do I have to repay?
Terms are usually counted in months. The lender sets the options. A longer term means smaller payments but more interest overall.
Can I repay early?
Many lenders let you repay early. Check your agreement for any prepayment terms before you sign.
Will a personal loan help my credit?
If the lender reports to the credit bureaus, paying on time can help your credit history. Missed payments can hurt it.